Increasing Income

H

hkr

Hi All,

This may not be purely a IP question but as i respect the knowledge and opinion of all the forumites here i will like to ask it here...

I currently employed in IT sector full time and earn a six figure income. I was teaching in a Uni till recently but now that is over. I am wondering if i should pick up some work for the weekends. I dont mind working both the days on the weekend but after much consideration i have decided that i will be prepared to go for it if gets me 1K/weekend net after taxes....

Besides IT iam into Property investing and currently hold 3 IPs with approx 250k equity...

Now the big question is how and what to do to get it??? I dont mind undergoing training to achieve it as i have failry long term view and also besides IT i am fairly hopeless skillswise.

So iam looking at all the forumites to provide me with any ideas that they might have...

Happy to answer and clarify any questions...

Thanks all...HK
 
Hi Y-man,

Not at all odd...

As for hobbies, i really havent had anytime to think of it really...since i migrated 5 years back have been studying and shuttling between 2 or even 3 job at one time.

All these jobs had a office environment and so i wont mind if my weekend thing is bit outdoor..ish kinds...as time it becomes too much sitting in front of the computer for 12-13 hrs daily for 5 days

The only thing i have done outside these is Property investing and have a very keen interest to develop more knowledge and experience in the same. However till now all my PI has been limited to buy and hold strategy. No renos(i hardly have any handy skills) or subdivision undertaken.

I have thought about doing something in this area but the issue is that i only have weekends spare and virtually no time during the week except few calls that i can make...


Hope that helps. Thanks again - Hk
 
Passive or Earnt...it really doesnt matter to me at this stage as i am ready to work weekends...

But i do want to add to my income and i have only Weekends available to do it in...
 
hkr said:
Passive or Earnt...it really doesnt matter to me at this stage as i am ready to work weekends...

But i do want to add to my income and i have only Weekends available to do it in...
Click to expand...

HKR, You're missing the point. Ok fair enough if you want to work the weekends, thats fine. However with passive income, you have both - TIME and MONEY.

I know what Id rather be doing on the weekends.

RJ
 
HKR,

how much of your income (taking into account the propoerties) are you able to put aside per week (or month)?

Cheers,

The Y-man
 
hkr said:
Yes i agree and will love to have it but the big question is HOW? :confused:
Click to expand...

Ahhh, now youre thinking! :D

Youd be amazed at just how many ideas you can come up once you actually start thinking about it.

Im making $50 a day passive income from my websites at the moment. Not much I know, but at least its something!

RJ
 
Thanks for all your replies so far...

Y-Man, in answer to your question curently i can forgo approx 3Kpm but it may come down to 1500pm after 6 months if i go onto buy a PPOR.
 
RJ-

Any ideas you could share with us here?

I agree any amount matters here so $50/day is not bad provided its passive...
 
Well an income producing managed fund might be worht a thought for starters

eg. trading funds, Commercial Proeporty Funds etc.

As for more personal exertion income, can you get a Tafe gig to teach at on the weekends?


Cheers,

The Y-man
 
hkr said:
RJ-

Any ideas you could share with us here?

I agree any amount matters here so $50/day is not bad provided its passive...
Click to expand...

Put your 250k into an income fund, margin in at say 50%, so the bank gives you another 250k

500k yielding 10% gives you 50k p/a

Risky but gives you extra income :)
 
Hmmm....good thoughts...

I tried share tradings this and last year but i find myself rather poor in it...and besides i ended up spending so much more time on it due to my anxiety...

I havent had a look at Commercial Property Trusts and that might be worth looking at...Y-Man , any good source(link) to get some more understanding of these?

I had a idea given to me by someone about driving a truck like mel-syd for an owner driver...and which may give good money...However i still have to figure out how much this is practical to do just on the weekends and how much it could give...Does anyone over here have an idea about it?

Thanks-
 
If its earnt income by a second job, how much will you loose out due to tax etc, I'm sure little johny would love you to work some more ;) ?

Six Figure Income ($100,000.00 p/a or More) is pretty damn good, I'd be doing as Frank and RJ Suggested and look at passive forms of income, Income based Funds etc

What are your plans with this additional money:confused:
 
Yes i understand Income funds but lets say i invest FrankGrimes recommended then how much do i net after all the taxes?

Option 1
Lets say i invest 500k with 250K put in by the bank:
Yield = 50000
Interest on 250K @8.5% = 21250
Net Yield = 28750
Tax @40% = 11500
Yield after Tax= 17250
Yield % = (17250/250000*100) = 6.9% with all the risks

Remember this 250K is in equity so if i refinance then i pay 7.5% interest on this as well effectively giving me a loss of .6%.

I am missing anything in my calculations here? As according to me this does not stack up even assuming 10% yield and ignoring all the risks associated.

I am just trying to learn here so please be patient. Thanks alot -
 
hkr said:
Tax @40% = 11500


I am just trying to learn here so please be patient. Thanks alot -
Click to expand...

Tax would generally be lower (unless it is a pure share trading fund) for Commercial property trusts/funds (there is usually a large deferral component).

Cheers,

The Y-man
 
hkr said:
Yield % = (17250/250000*100) = 6.9% with all the risks
Click to expand...

I know what you mean hkr, every now and then I think 'I should put money into an income fund'. I then do this calculation and end up with the same result...

Perhaps things will look better at a higher LVR?
 
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